Mike CernovichVerified account

I disagree though I suppose opinions can vary. I'm sure those who would be impacted most by this will be the most upset(and I'm talking borrowers)

Pay day loans,,,, 29.9%

What's the right interest rate cap? Who's going to set it?

I actually agree with this line of thinking regarding predatory interest. But it will result in those in a low socio economic place to be refused credit because it isn't worth the risk to the lender if they're capped at 15 %. Then the govt will force lending to the unqualified.

Socialist Mike

“Are we gonna tell banks how to run their business?” “No, that interest rate is the cost of having unsecured line of credit!” Why is it always canned responses? How about: banks play by rules they create for themselves. Is that fair or “free market?”

bernie bro

Raising interest rates encourages savings. And discourages spending beyond ones means.

Nope. The rate of interest is tied to the cost to carry the debt which is unsecure. You think credit card interest should be lower start your own card and see if you can make $$$

So we are going to start tell companies how to run their business?

So poor people won’t get credit